Search Results (146)

Destination Management and Marketing Organizations (DMMOs) shape the human resource and technological conditions under which tourism enterprises, including digital ventures, pursue resilience and growth, yet their structures are often designed as technical–administrative arrangements detached from the capacities of the destination community. This study investigates how participatory processes engaging local institutions, businesses and residents can inform the organizational and human resource design of contemporary DMMOs: their functional units, decision rights, participation routines and competency profile. Four Greek destinations of differing scale and type—Delphi, Meteora, Larisa and the Region of Epirus—each developing a DMMO under a nationally coordinated, recovery-funded programme, are examined through a qualitative, multiple-case design. Structural contingency and configurational fit serve as the primary lens; four mechanisms link participation to organizational form, with human resource capacity as a rate-limiting constraint. Expectations of a decision-making role vary with the custodial control exercised over core assets rather than with administrative scale. Endorsement of human resource development practices is near-invariant across contexts while expected resourcing scales with administrative level; the gap between the two is widest in small destinations. Technology priorities track perceived competency availability: ratings of AI-based tools are near-invariant across cases and do not rise with general technology enthusiasm, while training in data and digital skills is endorsed at uniformly high levels. Participatory organizational design is advanced as a theoretically grounded construct with stated scope conditions; its proposed consequences for configurational fit, legitimacy and entrepreneurial resilience are formulated as testable propositions rather than findings of this study. Full article

Digital transformation is now one of the key engines of entrepreneurial behavior and company development, but there is still a lack of empirical evidence on the creation of digital ecosystems, especially in the Middle East and North African (MENA) region. This paper examines how digital capabilities affect the sustainable development of entrepreneurial ventures and how the relationship changes depending on the three emerging digital ecosystems of Lebanon, Iraq, and Egypt. Data were collected through a structured online questionnaire developed using Google Forms and distributed via email, WhatsApp, and the Prolific research platform to owners, managers, and key decision-makers of small and medium-sized enterprises (SMEs). A total of 250 questionnaires were distributed, yielding 131 responses, of which 22 were excluded after screening for completeness and eligibility. The final analytical sample comprised 109 valid firm-level responses from Egypt (n = 51), Lebanon (n = 34), and Iraq (n = 24). The study quantitatively assesses digital capabilities on several dimensions, including digital infrastructure adoption, data and analytics capabilities, digital product development, and digital revenue integration, and attributes those capabilities to sustainable business growth indicators (the revenue stability, scalability, profitability, and long-term resilience). The results showed that more robust digital capabilities have more significant impacts on sustainable business growth outcomes, whereas basic digitalization has no significant effect. Further, the analysis found no statistically significant moderating effect of ecosystem contextual factors, including institutional quality and digital maturity, on the relationship between digital capabilities and sustainable business growth across Lebanon, Iraq, and Egypt. This study contributes to the body of knowledge of entrepreneurship and sustainability in emerging markets by integrating Resource-Based View, Dynamic Capabilities Theory, and Digital Ecosystem Theory. The findings have practical implications for entrepreneurs and policymakers who aim to use digital transformation to attain sustainable entrepreneurship in the vulnerable and dynamic digital ecosystems. Full article

AI is currently shaping how people are being entrepreneurial by allowing the establishment of AI-native ventures. The creation of these new types of businesses builds off an infrastructure of data, computing power, and research that typically accompany advanced economies. In contrast, most developing economies are still experiencing institutional and structural barriers that inhibit the formation of new ventures and their subsequent growth. Despite the existence of research that explores some of the ways in which successful ecosystems from developed economies could be applied to developing ecosystems, there is little guidance on how to systematically adapt these successful practices in resource-constrained environments. This research uses a comparative, document-based study design to assess how to benchmark and configure AI-native entrepreneurship ecosystems across heterogeneous institutional environments. Using Switzerland and Jordan as two contrasting analytical cases, we define twelve dimensions of an ecosystem and then create comparative ecosystem profiles using a standardized coding and scoring framework. We combine dimension-level data on talent development, applied research, infrastructure, financing, governance and market access with baseline socio-economic indicators. Our results demonstrate a high level of structural asymmetry between the two ecosystems. Switzerland has a balanced and highly coordinated configuration, whereas there is a strong university anchor and demand for talent in Jordan, but there are also significant weaknesses in terms of infrastructure, financing, and industry linkages. Building from these results, we present the parameter re-weighting and the context-sensitive design model to encourage the emergence of AI-native entrepreneurship in Jordan through coordinated architecture, collaborative experimentation resources and internationalization at an early stage. This article advances both the fields of entrepreneurial ecosystems and digital entrepreneurship by framing AI-native entrepreneurship as a new form of knowledge-intensive venture creation and providing a context-sensitive approach for adapting entrepreneurial ecosystems. The results provide a document-informed basis for policymakers, academic institutions and other ecosystem actors seeking to develop AI-based innovation in resource-constrained economies. Full article

Sustainable Digital Infrastructure plays an increasingly important role in strengthening regional economic resilience and promoting inclusive growth. However, its dynamic effects on nascent entrepreneurship remain underexplored. Treating China’s smart city pilot policy as a quasi-natural experiment, this study uses data on newly registered enterprises in 288 Chinese cities from 2005 to 2019 and a multi-period difference-in-differences (DID) model to examine this relationship. The results show that Sustainable Digital Infrastructure significantly promotes new venture creation. Owing to environmental dynamism—manifested in creative destruction, strategic wait-and-see behavior, and learning-curve effects—its entrepreneurial impact is initially volatile before becoming significantly and persistently positive. The industry-level analysis reveals heterogeneous effects across sectors: the largest estimated effect occurs in wholesale and retail trade, while the estimated effect in scientific research and technical services strengthens over time. Mechanism analyses provide suggestive evidence for three channels: technological innovation, human capital development, and digital finance. The effects are also more pronounced in eastern China and smaller cities. This study provides empirical evidence and practical guidance for emerging economies seeking to promote new venture creation through digital infrastructure. It conceptualizes “sustainability” in the SDI context as the capacity of digital infrastructure to support enduring and inclusive economic development, rather than as a property of the infrastructure’s environmental performance. Full article

Global angel investment and venture capital are key financial drivers supporting the long-term growth of technology companies, and they play a vital role in improving the global science and technology innovation financial system and advancing green and sustainable transformation. This paper uses data on technology-sector companies listed on the A-share market from 2017 to 2025 to construct a multi-period DID model. It empirically examines the impact of angel investment and venture capital on the sustainable development of technology companies and investigates the moderating effect of ESG performance. The study finds that angel investment can significantly enhance the level of sustainable development in technology firms. Mechanism tests indicate that angel investment indirectly empowers sustainable development by attracting and introducing venture capital. The moderating effect shows that strong ESG performance positively reinforces the promotional role of angel investment and venture capital in the sustainable development of technology firms. Heterogeneity analysis reveals that these enhancement and moderating effects are more pronounced in high-tech industries, private enterprises, and asset-light technology firms. These findings provide empirical evidence and policy guidance for governments worldwide to direct venture capital toward supporting science and technology enterprises, help technology firms improve their ESG governance systems, and achieve long-term sustainable operations. Full article

Innovative small and medium-sized enterprises (SMEs) in European Widening Countries face persistent financing gaps, yet empirical evidence on how modern financing instruments shape post-investment performance trajectories remains scarce. This study applies a decision tree classification approach to examine post-investment revenue growth of 57 innovative SMEs across twelve European Widening Countries that received alternative financing grants, venture capital, business angel investment, or crowdfunding—between 2020 and 2022. Two research questions are addressed: which pre-investment firm characteristics predict revenue growth following modern financing, and how does the initial revenue level shape post-investment performance trajectories over a three-year observation window. Variable importance analysis indicates that pre-investment revenue level accounts for 83.9% of the predictive importance in the CART model, with development stage as the only secondary predictor (16.1%). Financing type was not identified as a discriminative predictor within the present sample. Low-revenue firms benefit most consistently from alternative financing, advancing an average of 1.51 revenue categories over three years, with 82.9% of firms exhibiting a growth trajectory. Medium-revenue firms exhibit a delayed growth pattern; and higher-revenue firms show persistent stagnation, suggesting a possible ceiling effect in post-investment revenue growth. The RQ1 model achieved cross-validated accuracy of 65.0%; the RQ2 model achieved 38.3%, reflecting the complexity of predicting four trajectory categories from a limited sample. These findings suggest that pre-investment firm characteristics may warrant greater attention alongside financing type when interpreting post-investment SME performance in Widening Country ecosystems. Complementary Logistic Regression and Random Forest analyses yielded broadly consistent results, providing additional support for the robustness of the reported findings. Full article

This study provides an exploratory predictive analysis to examine how different dimensions of digital infrastructure—capital market development, digital payment adoption, e-commerce penetration, and market volatility—predict the financial performance metrics of fintech ventures in Egypt. Using panel data from ten fintech ventures listed on the Egyptian Stock Exchange over the period 2017–2023, the research employs Random Forest machine learning algorithms alongside Logistic Regression as a baseline comparator. Feature importance analysis identifies the most significant predictors of profitability across four performance metrics: gross revenue, sales growth, gross margin, and net profit margin. This study employs Random Forest with five-fold cross-validation. Hyperparameters were optimized via grid search, and feature importance scores are reported with cross-validation standard deviations. To address panel structure concerns, we additionally employ leave-one-firm-out cross-validation. All findings reflect predictive associations only; no causal claims are made due to potential reverse causality. Findings show that capital market development emerges as the most important predictor across all profitability metrics, accounting for 45% of feature importance for net profit margin and 42% for gross revenue (mean importance across five folds; SD = 0.07–0.08). Digital payment adoption exhibits a paradoxical dual association—positively associated with revenue and margins through operational efficiency (38% importance for gross margin; SD = 0.08) while negatively associated with sales growth (22% importance; SD = 0.10). Gross online sales show limited predictive efficacy, affecting only gross margin. Market volatility correlates solely with sales growth. Random Forest consistently outperforms Logistic Regression across all models, with accuracy rates ranging from 68% to 76% (compared to a chance level of 50% and a majority-class baseline of 52–58%). Due to the limited sample of 70 firm-year observations, these findings must be interpreted as strictly exploratory and hypothesis-generating; they apply uniquely to publicly listed fintech firms on the Egyptian Stock Exchange and cannot be generalized to private, early-stage, or unlisted fintech startups without further empirical validation. Full article

Startup ecosystems and venture capital (VC) are increasingly recognized as critical drivers of sustainable economic growth, yet their macroeconomic effects remain insufficiently quantified. This study develops and validates a composite VC activity index (V Index) as a proxy for startup ecosystem maturity across 23 European countries from 2013 to 2024. The V Index is derived via Principal Component Analysis applied to four VC metrics: VC investment amount, VC divestment amount, number of investment rounds, and number of divestment rounds. Using panel data regression methods—including fixed and random effects specifications, the study considers associations between the V Index and four macroeconomic outcomes: labor productivity, capital productivity, high-technology exports, and business R&D expenditure. The results show that a more mature startup ecosystem is associated with immediate gains in labor productivity, while capital productivity, high-technology exports, and innovation expenditure show positive associations with a one- to two-year lag, reflecting time-to-build and knowledge diffusion dynamics. These findings provide empirical support for VC-driven startup ecosystems as contributors to sustainable, knowledge-based economic growth and present actionable evidence for decision-makers designing startup support programs aligned with sustainable growth objectives. Full article

The promotion of rapidly scaling technology startups has become a major policy priority. Sustainable startups are increasingly viewed as potential contributors to resilient and environmentally responsible economies, as they may combine economic growth with environmental and social objectives. Based on entrepreneurial ecosystem theory, the resource-based view, and Schumpeterian creative destruction, this study identifies innovation ecosystem conditions associated with sustainable startup growth. Turnover growth is used as a proxy for the economic pillar of the Triple Bottom Line framework and as a measure of startup scaling capacity. K-means clustering is applied to identify distinct growth profiles. To analyse relationships between startup growth and innovation ecosystem variables, the study employs a multi-method semiparametric framework. The results show multifaceted associations between ecosystem factors and startup growth. Market access and human capital are positively associated with global business models and innovation, while sectoral relatedness and knowledge spillovers may show negative associations, potentially through stronger competition and higher talent acquisition costs. Venture capital is positively associated with startup growth, whereas public R&D investment and direct government funding show no consistent positive relationship. The study is limited by using financial growth as a proxy for economic sustainability and by focusing on four European innovation ecosystems. Full article

Sustainable regional development requires understanding how entrepreneurship and unemployment co-evolve. This study investigates this relationship across Türkiye’s 26 Nomenclature of Territorial Units for Statistics 2 regions over the 2007–2024 period, testing the Schumpeter (pull) and Refugee (push) effects with controls for regional economic and financial determinants. Using the Dynamic Common Correlated Effects estimator, which accounts for cross-sectional dependence and slope heterogeneity across regions, the analysis provides evidence supporting both effects, while revealing that neither effect emerges instantaneously. The Schumpeter effect operates with an approximately one-year lag, reflecting the time new ventures require to complete organizational formation and generate net labor demand, with a creative destruction dynamic appearing from the second year onward. The Refugee effect materializes within one to two years, as unemployed individuals exhaust formal job search alternatives before turning to necessity entrepreneurship. Critically, the findings identify banking sector intermediation efficiency, rather than aggregate credit volume, as a more consistent financial channel for sustainable labor market outcomes, and document a pattern consistent with jobless growth, in which regional output expansion has not systematically translated into unemployment reduction. These results call for employment- and entrepreneurship-linked policy instruments that are timed to the lag structure of both effects and targeted at transforming necessity-driven activities into sustainable, high-value-added structures, rather than merely incentivizing firm entry. Aligning regional financial intermediation with employment creation can foster long-term socio-economic sustainability and promote sustainable regional development. Full article

This study examines the drivers and challenges/barriers faced by built-environment professionals in applying circular economy (CE) principles within Maiduguri, Nigeria’s housing delivery system, a city recovering from prolonged conflict. Using a mixed-method approach, including a literature review, an interview and a questionnaire administered to construction professionals (n = 188), the research assesses awareness and practical implementation. Key drivers for CE adoption include regulatory incentives, increased research funding, potential cost savings, and rising environmental awareness. Major barriers, however, consist of limited technical expertise, weak policy enforcement, and financial constraints. The analysis also reveals significant gaps in on-site waste management and resource recovery practices. To address these issues, this study recommends targeted capacity-building programmes, stronger policy frameworks, and enhanced multi-stakeholder collaboration. Small and Medium Enterprises (SMEs) should be supported to venture into engineering waste recycling and management. These measures aim to promote core CE practices, such as waste minimisation, reuse, recycling, and remanufacturing within the construction industry, aligned with Sustainable Development Goal (SDG) 11 (Sustainable Cities and Communities). The research concludes that integrating CE strategies can foster sustainable housing development in Maiduguri, supporting environmental protection, socio-economic growth, and increased resilience of the built environment in post-conflict contexts. Full article

Energy transition includes the substitution of centralized energy systems with decentralized variable renewable energy sources (vRES), the growth of which brings drawbacks such as grid congestion and intermittency. These issues are increasingly troublesome in many local energy systems, including in The Netherlands. Biogas may provide options to provide backup renewable energy in times of energy supply uncertainty. In The Netherlands, the consideration of biogas in such functions is limited. Meanwhile, local energy initiatives (LEIs) are spearheading the adoption of vRES. Because of concern over local grid balancing, LEIs may want or need to innovate and diversify their activities. Such innovation could include bioenergy in general, and biogas specifically. However, only a small number of LEIs consider bioenergy, and Dutch LEIs seem hesitant to venture into biogas specifically. In this paper we explore the question of what hinders adoption of biogas in The Netherlands in general, and by LEIs specifically, deploying an approach based on the technological innovation systems (TIS) concept. In that approach, we take insights from current and expected policy in The Netherlands juxtaposed with insights from similar countries surrounding The Netherlands. We conclude that historic developments in biogas already created a moderately supportive platform for large-scale biogas development, but some essential factors remain inadequately developed. Key barriers to biogas innovation, especially for LEIs, are insufficient mobilization of financial and knowledge resources, and insufficient attention to alleviating preconceptions. Dependable support and attention for socio-economic factors in policymaking would improve conditions associated with resources, preconceptions and resistance, and the situation for LEIs to explore the potential of biogas. However, it remains uncertain whether such measures would be sufficient to improve the potential of local biogas utilization in The Netherlands in a way that opens a role for biogas in solving energy transition challenges such as energy system balancing. Full article

The goal of this paper was to develop an approach to managing the investment mechanism in an innovative financial economy, which would fit the modern era of global uncertainty. To achieve this, we conducted trend, correlation, and regression analyses of risk management in venture investing in BRICS+ based on statistics for the period of global uncertainty (2014–2025). The compiled econometric model of the effectiveness of risk management in venture investing in the innovative financial economy of BRICS+ amid global uncertainty highlighted differences in approaches to managing the investment mechanism in this economy, depending on the level of risk it entails. In the age of free trade, the approach involved the use of the two tools of risk management of venture investing within the state management of an innovative economy: acceleration of economic growth and energy transition. In the current age of global uncertainty, there is a need for a new approach. It is developed in this paper and involves the use of market management tools: high-tech exports and the export of intellectual property objects. The perspectives of accelerating the development of an innovative financial economy of BRICS+ in the age of global uncertainty include the revision of the approach to the management of the investment mechanism in an innovative financial economy. For this, it is recommended to increase revenues from selling rights for intellectual property objects at a higher rate compared to recent years and to make a transition to an increase in the share of high-tech exports in the structure of industrial exports. The advantages of the proprietary model include the disclosure of the poorly studied experience of developing countries, accounting for global uncertainty (in the world economy), and a larger period of empirical research of the economies of the countries of BRICS+, which encompasses 2014–2025 and ensures a fuller and more precise and reliable interpretation of the dynamics of risks of venture investing and return on the measures of risk management in these countries. Full article

This study examines the relationship between digital skills and entrepreneurial intention in Mexico, emphasizing demographic, educational, and technological determinants. Despite the recognized importance of digitalization, most Mexican entrepreneurs possess only basic competencies, which constrains productivity and growth. Using data from the Digital Skills Profiler (50,582 individuals), binary probit models were estimated to assess the effect of digital skills on both current and prospective entrepreneurs. Results reveal a paradox: individuals with advanced digital skills are less frequently engaged in entrepreneurship, often opting instead for better paid and more stable employment in the formal labor market. When engaging in entrepreneurship, individuals with advanced digital skills tend to concentrate in service sector or non-conventional activities, exhibiting weaker connections to trade in goods. Women and older generations face greater barriers to acquiring digital competencies, whereas younger cohorts show stronger skills that do not necessarily translate into opportunity-driven ventures. Necessity-driven entrepreneurship predominates, with only a small fraction of ventures evolving into opportunity-based projects. The findings highlight the need for differentiated policy approaches: fostering innovative, competitive entrepreneurship requires distinct instruments from those designed to support subsistence ventures. Aligning digital inclusion and entrepreneurship strategies with Sustainable Development Goals 8 and 9 will be crucial to narrowing digital divides and promoting sustainable, inclusive growth. Full article

In the context of rapidly developing emerging industries, shifting investment hotspots, and a turbulent external environment, investment institutions continuously adjust and manage their ego network strategies to ensure survival and promote sustainable development. The long-term development and competitiveness of venture capital (VC) firms largely depend on their ability to generate excess returns and achieve successful exits, such as IPOs and mergers and acquisitions. This study focuses on venture capital ego networks from a dynamic perspective. From both the node and tie dimensions, it systematically examines the effects of ego network dynamics—growth and diversity—on investment performance. It further explores the underlying mechanisms through network stability and information diffusion. Based on empirical analysis using Wind database data from 2013 to 2022, we find that the growth of VC ego networks has a significant negative effect on investment performance, and this effect works through reduced network stability. In contrast, ego network diversity shows a significant positive effect on investment performance, with project information diffusion playing a mediating role. Based on the above findings, we suggest that venture capital firms should shift their ego network management strategy from blind and simple “rapid expansion” to quality-focused “careful cultivation”. While maintaining the stability of their ego networks, firms should also pay attention to the diversity of relationship configurations, so as to better transform network resources into investment performance and promote the growth and sustainable development of venture capital firms. Full article